Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for January decreased by 0.01% monthly. Forex traders can compare this to the Australian Westpac Leading Index for December which decreased by 0.26%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for January increased by 1.3% monthly. Forex traders can compare this to Australian Skilled Vacancies for December which increased by 1.4% monthly.
- Australian Wage Price Index: The Australian Wage Price Index for the fourth-quarter increased by 0.5% quarterly and by 2.3% annualized. Economists predicted an increase of 0.6% quarterly and of 2.3% annualized. Forex traders can compare this to the Australian Wage Price Index for the third-quarter which increased by 0.6% quarterly and by 2.3% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Trade Balance: The Japanese Trade Balance for January was reported at -¥1,452.2B. Economists predicted a figure of -¥1,029.5B. Forex traders can compare this to the Japanese Trade Balance for December which was reported at -¥56.7B. The Japanese Adjusted Trade Balance for January was reported at -¥370.0B. Economists predicted a figure of ¥150.7B. Forex traders can compare this to the Japanese Adjusted Trade Balance for December which was reported at -¥221.5B. Exports for January decreased by 8.4% annualized and Imports decreased by 0.6% annualized. Economists predicted a decrease of 5.7% and of 3.5%. Forex traders can compare this to Exports for December which decreased by 3.9% annualized and to Imports which increased by 1.9% annualized.
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for January increased by 0.8% annualized. Forex traders can compare this to Japanese Convenience Store Sales for December which increased by 1.2% annualized.
Should price action for the AUDJPY remain inside the or breakout above the 79.100 to 79.550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 79.350
- Take Profit Zone: 81.600– 82.200
- Stop Loss Level: 78.500
Should price action for the AUDJPY breakdown below 79.100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 78.900
- Take Profit Zone: 77.450 – 77.900
- Stop Loss Level: 79.350
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
